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Starling and Zopa show path to challenger bank profitability

digital banks profit
Image credit: Shutterstock / ZinetroN

Starling Bank has been profitable for the past 18 months, the UK challenger bank’s CEO and founder Anne Boden has said.

Founded in 2014, the British digital bank broke even for the first time in October 2020. It has been profitable ever since, with Boden’s comments confirming that Starling is on course to post its first annual profit when it publishes its next accounts.

“We’ve been profitable for the past 18 months – we’ve grown and taken huge market share, but unlike some competitors, we’ve done that in a profitable way because we’ve focused on customers that actually generate income for us in the long term,” said Boden, speaking at the Innovate Finance Global Summit on Monday.

Starling becoming profitable is a sign that the UK’s fintech market is maturing....